Brazilian Stock Movers: Brookfield, Redecard, Sao Martinho
The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of the close. Preferred shares are usually the most-traded class of stock.
The Bovespa declined 0.5 percent to 56,731.34.
Brookfield Incorporacoes SA (BISA3 BS) lost 2.9 percent to 5.63 reais. The homebuilder paced declines for companies that depend on domestic demand after Brazil’s economy created fewer jobs than economists forecast in October. Brazil generated 126,143 government-registered jobs, less than the 167,718 median estimate in a Bloomberg survey of 12 economists.
Redecard SA (RDCD3) (RDCD3 BS) dropped 3.2 percent to 28.80 reais. Brazil’s second-biggest card-payment processor fell as concern mounted that increasing competition will lead the company to cut its prices, Rodolfo Amstalden, an analyst at equity consulting firm Empiricus Research, said in a telephone interview from Sao Paulo.
Sao Martinho SA (SMTO3) (SMTO3 BS), a sugar and ethanol producer, rose 2.6 percent to 19.70 reais. The Brazilian government is studying tax cuts and cheaper loans for companies that stock ethanol during the period between sugar-cane harvests, O Estado de S. Paulo reported, citing Deputy Finance Minister Nelson Barbosa. The measures may be taken to boost ethanol supplies and prevent price increases, the Sao Paulo-based newspaper said.
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